BIO-TECHNE Corp (NASDAQ:TECH) Short Interest Up 8.4% in August

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BIO-TECHNE Corp (NASDAQ:TECH) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 836,100 shares, a growth of 8.4% from the July 31st total of 771,200 shares. Based on an average daily volume of 152,200 shares, the short-interest ratio is presently 5.5 days. Currently, 2.2% of the shares of the company are short sold.

TECH stock traded up $1.03 during trading on Friday, reaching $200.95. 235,427 shares of the company were exchanged, compared to its average volume of 156,396. The company has a 50-day moving average of $196.07 and a two-hundred day moving average of $200.10. The company has a market capitalization of $7.58 billion, a price-to-earnings ratio of 52.88, a P/E/G ratio of 4.29 and a beta of 1.21. BIO-TECHNE has a twelve month low of $132.75 and a twelve month high of $217.15. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.05 and a quick ratio of 3.15.

BIO-TECHNE (NASDAQ:TECH) last released its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.08. The business had revenue of $191.66 million during the quarter, compared to analysts’ expectations of $196.37 million. BIO-TECHNE had a net margin of 13.45% and a return on equity of 13.20%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.34 EPS. On average, analysts forecast that BIO-TECHNE will post 4.24 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date was Thursday, August 15th. BIO-TECHNE’s dividend payout ratio is 33.68%.

Several equities analysts have recently commented on the stock. BidaskClub cut shares of BIO-TECHNE from a “hold” rating to a “sell” rating in a research report on Friday, September 6th. Zacks Investment Research cut shares of BIO-TECHNE from a “buy” rating to a “sell” rating in a research report on Tuesday, August 13th. TheStreet cut shares of BIO-TECHNE from a “b” rating to a “c+” rating in a research report on Tuesday, August 6th. ValuEngine cut shares of BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. Finally, Janney Montgomery Scott upgraded shares of BIO-TECHNE from a “neutral” rating to a “buy” rating and boosted their target price for the company from $200.00 to $270.00 in a research report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. BIO-TECHNE presently has an average rating of “Hold” and an average target price of $211.17.

In other news, Director Robert V. Baumgartner bought 500 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $191.06 per share, for a total transaction of $95,530.00. Following the transaction, the director now owns 8,726 shares of the company’s stock, valued at $1,667,189.56. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Charles R. Kummeth sold 33,031 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $212.60, for a total transaction of $7,022,390.60. The disclosure for this sale can be found here. Insiders own 3.80% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in TECH. Diversified Trust Co increased its position in BIO-TECHNE by 3.6% in the 2nd quarter. Diversified Trust Co now owns 1,733 shares of the biotechnology company’s stock valued at $361,000 after acquiring an additional 60 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in shares of BIO-TECHNE by 1.8% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 3,544 shares of the biotechnology company’s stock valued at $739,000 after purchasing an additional 61 shares during the last quarter. ETF Managers Group LLC boosted its stake in shares of BIO-TECHNE by 9.3% in the 1st quarter. ETF Managers Group LLC now owns 950 shares of the biotechnology company’s stock valued at $189,000 after purchasing an additional 81 shares during the last quarter. Zions Bancorporation N.A. boosted its stake in shares of BIO-TECHNE by 6.3% in the 2nd quarter. Zions Bancorporation N.A. now owns 1,587 shares of the biotechnology company’s stock valued at $331,000 after purchasing an additional 94 shares during the last quarter. Finally, Advisory Services Network LLC boosted its stake in shares of BIO-TECHNE by 183.3% in the 2nd quarter. Advisory Services Network LLC now owns 153 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 99 shares during the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

About BIO-TECHNE

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.

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